Facebook CEO Mark Zuckerberg has introduced Meta, the new company brand. The name change was announced at the 2021 Facebook Connect Conference with the aim of bringing the metaverse to life and help people connect, find communities and grow business.

The change to Meta also aligns with the company’s growing focus on the metaverse, which refers to efforts to combine virtual and augmented reality technologies in a new online realm.

“I’m proud of what we’ve built so far, and I’m excited about what comes next as we move beyond what’s possible today, beyond the constraints of screens, beyond the limits of distance and physics, and towards a future where everyone can be present with each other, create new opportunities and experience new things. It is a future that is beyond any one company and that will be made by all of us. Right now, our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future. Over time, I hope that we are seen as a metaverse company, and I want to anchor our work and identity on what we’re building toward,” said CEO Mark Zuckerberg.

Alongside its vision for the metaverse, Mark Zuckerberg also shared more about the progress the company is making with some of the foundational elements across its AR and VR technologies.

Virtual Reality (VR): VR is at an inflection point led by the release of Quest 2. Facebook continues to invest in the developer community to help them build and monetize their applications through new tools and features.

Augmented Reality (AR): As VR hits an inflection point, Meta is investing in the core technology and work needed to bring fully-featured AR glasses to market. While the company works on the hardware to make AR glasses, it is cultivating the content, capabilities, and communities that can enrich user experiences in the future.

Facebook has however clarified that the company structure is not changing, only financial reporting will. The company plans to report on two operating segments: Family of Apps and Reality Labs.